The DOI matches its Crossref record; 16 of the 16 references it cites were found in a registry or an index.
Relative Wage Movements and the Distribution of Consumption
Abstract
We analyze how relative wage movements among birth cohorts and education groups affected the distribution of household consumption and economic welfare. Our empirical work draws on the best available cross-sectional data sets to construct synthetic panel data on U.S. consumption, labor supply, and wages during the 1980s. We find that low-frequency movements in the cohort-education structure of pretax hourly wages among men drove large changes in the distribution of household consumption. The results constitute a spectacular failure of between-group consumption insurance, a failure not explained by existing theories of informationally constrained optimal consumption behavior. A welfare analysis indicates that the cost of between-group consumption variability is larger than the cost of aggregate consumption variability by two orders of magnitude.
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Cites
Changes in Relative Wages, 1963-1987: Supply and Demand Factors
Katz, L. F., & Murphy, K. M. (1992) · The Quarterly Journal of Economics · doi:10.2307/2118323 · Cited by 4,793
Lucas, R. E. (1987) · Cited by 1,509
Deaton, A. (1992) · doi:10.1093/0198288247.001.0001 · Cited by 1,427
U.S. Earnings Levels and Earnings Inequality: A Review of Recent Trends and Proposed Explanations
Murnane, R. J., & Levy, F. S. (1992) · Journal of Economic Literature · Cited by 1,397
A Simple Test of Consumption Insurance
Cochrane, J. H. (1991) · Journal of Political Economy · doi:10.1086/261785 · Cited by 947
The Great Compression: The Wage Structure in the United States at Mid-Century
Goldin, C., & Margo, R. A. (1992) · The Quarterly Journal of Economics · doi:10.2307/2118322 · Cited by 764
Labor supply of men: A surveyPreprint
Pencavel, J. (1987) · RePEc: Research Papers in Economics · Cited by 756
Changes in Relative Wages, 1963-1987: Supply and Demand Factors
Katz, L., & Murphy, K. (1991) · National Bureau of Economic Research · doi:10.3386/w3927 · Cited by 700
Full Insurance in the Presence of Aggregate Uncertainty
Mace, B. J. (1991) · Journal of Political Economy · doi:10.1086/261784 · Cited by 650
Cost of Business Cycles with Indivisibilities and Liquidity Constraints
Imrohoroğlu, A. (1989) · Journal of Political Economy · doi:10.1086/261658 · Cited by 501
Cited by
Household Balance Sheets, Consumption, and the Economic Slump*
Mian, A., Rao, K., & Sufi, A. (2013) · The Quarterly Journal of Economics · doi:10.1093/qje/qjt020 · Cited by 1,538
Insuring Consumption Against Illness
Gertler, P., & Gruber, J. (2002) · American Economic Review · doi:10.1257/000282802760015603 · Cited by 835
Attanasio, O. P., & Weber, G. (1995) · Journal of Political Economy · doi:10.1086/601443 · Cited by 608
Self-citationOptimal Beliefs, Asset Prices, and the Preference for Skewed Returns
Brunnermeier, M. K., Gollier, C., & Parker, J. A. (2007) · American Economic Review · doi:10.1257/aer.97.2.159 · Cited by 448
Baker, M., & Solon, G. (2003) · Journal of Labor Economics · doi:10.1086/345559 · Cited by 336
Metadata
- Authors
- Attanasio, O., & Davis, S. J.
- Venue
- Journal of Political Economy
- Publisher
- University of Chicago Press
- Published
- 1996-12
- Volume
- 104
- Issue
- 6
- Pages
- 1227-1262
- ISSN
- 0022-3808 (ISSN-L)
- 1537-534X
- OpenAlex
- W3021192838
- Cited by
- 448
- References
- 16
- FWCI
- 18.12
- Type
- journal article
- Language
- en
- Open access
- closed
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